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FxWirePro: DAX30 faces strong resistance at 21- day MA, good to sell on rallies

  • Major support – 10300 (38.2% retracement of 10806 and 8695).
     
  • Major resistance – 10593 (21- day MA).
     
  • DAX30 has jumped sharply after making a low of 10321 on Sep 12th 2016. It is currently trading around 10438.
     
  • On the lower side any break below 10300 will drag the index down till 10149 (100- day MA)/10028 (200- day MA).
     
  • The index major short-term resistance stands at 10593 (21- day MA) and any violation above 21- day MA will take the DAX to next immediate resistance at  10806 (Aug 15th 2016 high).

 It is good to sell on rallies around 10490-10500 with SL around 10610 for the TP of 10050

 

 

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